Starbucks Reveals Plans To Increase Coffee Prices

While Starbucks is known for coming out with surprises such as new delicious beverages, the latest surprise coming from the popular coffee company isn't quite as sweet.

After having raised prices just last year, Starbucks plans to implement another price hike effective July 12. Some customers recently discovered the news prematurely as they noticed their beverages were more expensive than usual. Starbucks said in a statement, "On July 12, Starbucks is planning a small price increase on select beverages. Unfortunately, that price adjustment was prematurely entered into the point of sale systems in our U.S. company-operated stores. As a result, some customers were charged incorrectly. The maximum any customer could have been overcharged is 30 cents per beverage."

The increase in price oddly enough comes at a time when coffee bean prices are at their lowest. An analyst at research firm BTIG, Peter Saleh, told CNN, "You'll never really see anyone cut menu prices. You're seeing a pretty big rise in wages, which is the other component of making your coffee."

There have been no reports as of yet regarding which beverages will be subject to price hike. Also, there has been no information concerning how much the price will increase, but last year's coffees rose between 5 and 20 cents, according to People.

The statement Starbucks released also addressed those who unknowingly may have been involved in the pricing error prior to the day that the changes will come into effect on July 12. "The error has been corrected and we sincerely apologize to our customers for the inconvenience. If a customer believes this mistake impacted the price of their beverage, we encourage them to please contact Starbucks Customer Service at 1-800-782-7282, and we will gladly make this right."

What do you think about the new plans for Starbucks to increase their coffee prices?